What is a statement of earnings for an employee?
A statement of earnings is a document that summarizes what an employee earns and, depending on its purpose, what is deducted from pay. A total compensation statement expands that view by showing the employer’s full investment, including salary or wages, insurance contributions, retirement funding, paid time off, payroll-related costs, and valuable perks. It helps employees see compensation beyond their paycheck.
What should an employee earning statement include?
A useful statement includes base salary or wages, employer-paid health and insurance benefits, retirement contributions, paid time off, bonuses, and other benefits or perks with financial value. It should identify the reporting period and use clear labels so employees can understand each category. Total compensation statements may also include non-quantifiable benefits and a customized message from the employer.
How is a total compensation statement different from a pay stub?
A pay stub documents a specific payroll period, typically listing gross pay, taxes, deductions, net pay, and year-to-date figures. A total compensation statement is a broader communication document, often prepared annually or for reviews, that shows the employer-paid value of benefits, retirement contributions, time off, and perks in addition to salary. It explains total rewards rather than payroll activity alone.
Why should HR provide total compensation statements?
Total compensation statements help employees recognize the value of benefits and employer-paid programs that may not appear on a paycheck. They can support retention by putting total rewards in context, improve performance-review conversations, and give candidates a fuller picture during recruiting. They also provide HR with a consistent, branded way to communicate benefit investments across the organization.
Can statements be customized with our company branding and benefits?
Yes. COMPackage allows organizations to include their company logo, customize report colors, rename benefits, and tailor the salutation area for a message suited to the audience or occasion. You can add an unlimited number of benefits and perks, including non-quantifiable offerings. Only categories with financial value appear on employee reports, keeping each statement focused and relevant.
Can we import employee data instead of entering it manually?
Yes. COMPackage includes Employee LOADER, which imports employee data from Excel spreadsheets. This is especially helpful when preparing statements for a full employee census because it reduces repetitive manual entry. Global defaults can also populate values common to many employees, while HR can add or edit individual benefit details whenever a specific employee requires a different amount.
How often can we update employee earning statements?
Reports can be rerun throughout a 365-day subscription period at no additional charge. HR teams can use the same solution for year-end communication, quarterly or monthly updates, performance reviews, recruiting discussions, and final offers. This flexibility lets organizations update statement details as pay, benefits, or employee circumstances change without purchasing a separate report each time.
What support is available when creating compensation statements?
COMPackage includes email, phone, and Zoom support with every package at no additional cost. The support team can assist with setup, troubleshooting, and data-file error checking or correction. Product updates are also provided throughout the year without charge. Most users can purchase the software and complete their first report in about 20 minutes, with expert help available when needed.